Suncor: Oilsands Production Ramping Up After Shutdown
Suncor Energy says that production at its oil sands operation is ramping up to full capacity following a 50-day shutdown of one of its two oil sands upgraders. The shutdown, which began May 31, was undertaken to tie-in new operating units. During the tie-in work, production at the oil sands facility was reduced by about half, averaging approximately 121,000 barrels per day (bpd). Completing the tie-ins of the new operating units is an important milestone in a $2.1 billion expansion project underway at Suncor. The company is targeting a 35% increase in oil sands production capacity to 350,000 bpd from pre-expansion capacity of 260,000 bpd. The expansion is expected to be complete in the second half of 2008.
This news release contains forward-looking statements (for example, identified by the words "ramping up," "expected" "targeting" and similar expressions), which are based on Suncor's current expectations, estimates, projections and assumptions made in light of its experiences and the risks, uncertainties and other factors related to its business. Actual events could differ materially as a result of changes to Suncor's plans and the impact of events, risks and uncertainties discussed in Suncor's current annual information form, annual and quarterly reports to shareholders and other documents filed with regulatory authorities. In particular, the timeline for achievement of full production at Suncor's oil sands operations is subject to certain risks and uncertainties that could modify the timetable for returning to full production.
Suncor Energy Inc. is an integrated energy company headquartered in Calgary, Alberta. Suncor's oil sands business, located near Fort McMurray, Alberta, extracts and upgrades oil sands and markets refinery feedstock and diesel fuel, while operations throughout western Canada produce natural gas. Suncor operates a refining and marketing business in Ontario with retail distribution under the Sunoco brand. U.S.A. downstream assets include pipeline and refining operations in Colorado and Wyoming and retail sales in the Denver area under the Phillips 66 brand. Suncor's common shares (symbol: SU) are listed on the Toronto and New York stock exchanges. Sunoco in Canada is separate and unrelated to Sunoco in the United States, which is owned by Sunoco, Inc. of Philadelphia.
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